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Gold: range bound trading continues..

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold turned a blind eye towards the US data to remain in the USD 1245-1230 range established earlier today in early European hours.

    Poised for fourth weekly gain

    The safe haven metal is on track to end higher for the fourth consecutive week. At USD 1237/Oz, prices are well above the weekly opening price of USD 1164.94. The four-week rally has seen the metal climb 180 dollars largely on account of the risk-off mood in the markets and negative rates implemented by central banks.

    Profit taking may weigh over the metal ahead of the extended weekend, but overall the bid tone could remain intact as Chinese traders return to the next week.

    Gold Technical Levels

    The spot currently trades around USD 1235/Oz. The immediate resistance is seen at 1245.81 (76.4% of 2015 high-low), above which the spot could target previous session’s high of 1263.37. On the other hand, a break below 1224.23 (Apr 6 low) would expose 1200 levels.
    For more information, read our latest forex news.

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